Congressional Budget Office: House tax bill would add $1.7T to deficit over 10Y

Will also cause US debt to rise more than current projections.

The GOP bill - including a recent amendment for additional debt service payments due to the bill - would increase the US deficit by $1.7T over 10 years according the the Congressional Budget Office.

• US debt would rise to 97.1% of GDP in 2027

The deficit figure does not include the estimated effects of economic growth. The GOP argue that growth would offset the deficit caused by the sharp tax cuts.

The budget rules call for a maximum of $1.5 trillion deficit over 10 years before growth is taken into account. So this cut, does not "cut it".

The House hopes to pass its bills as early as next week.

The Senate hopes to release its own tax plan on Thursday.